Key Market Indicators
Spanish energy consumption is projected to reach approximately 5.8 exajoules by 2028, up slightly from around 5.8 exajoules in 2023, marking an annual growth rate of 0.1%. Despite this modest increase, Spain has experienced a yearly decline of 0.4% in energy demand since 1970. In 2023, Spain ranked 18th in global energy consumption, with Australia surpassing it at the same consumption level. In terms of energy supply, Spain is expected to see a decrease. By 2028, the supply is forecasted to drop to around 118 million tonnes of oil equivalent from nearly 120 million tonnes in 2023, reflecting an average annual decline of 0.2%. Historically, Spain’s energy supply has been diminishing at a rate of 0.9% per year since 1965. As of 2023, Spain ranked 6th globally in energy supply, with Pakistan moving ahead with a similar supply figure. In the larger global context, the United States, India, and Russia ranked 2nd, 3rd, and 4th, respectively, in energy consumption. Meanwhile, France, Saudi Arabia, and the United Kingdom held the 2nd, 3rd, and 4th positions in energy supply.
